IronPro, the professional liability unit of Ironshore, has introduced a two-term policy endorsement for its miscellaneous professional liability (“MPL”) product for small business accounts.
In a statement, IronPro said that the MPL policy endorsement will streamline underwriting to reduce brokers' administrative costs associated with small business accounts, i.e., professional services providers with less than $5 million in annual revenues.
IronPro said that its policy will renew after the first year for a second term with the same guaranteed premium terms and conditions as the first policy period.
According to IronPro, its MPL program customizes protection for a wide spectrum of professional services providers, including consultants, advertising and public relations agencies, employment/staffing firms, and executive recruiters. Coverage responds to financial losses to the professional services provider sustained by third parties due to claims arising from alleged negligence. Independent contractors of professional services providers are included in the policy language as covered insureds. Policy limits are available for up to $3 million.
“IronPro's two-term policy endorsement was developed in direct response to market demand for a more simplified, streamlined process to manage the liability coverage needs of professional small businesses with less administrative costs for the broker,” said Greg Flood, president of IronPro. ”The broker community is assured of receiving continuity of commission payments, while their small business clients can rest assured that favorable policy terms and conditions will remain intact on a year-to-year basis.”
IronPro offers a suite of professional and management insurance liability lines, including directors and officers, employment practices, fiduciary, and fidelity insurance for public, private and limited liability companies and partnerships, as well as non-profit entities.
Learn more: www.ironshore.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].